NIRSAL Microfinance Bank Limited (NIRSAL MfB) has launched two new products as part of its on-balance sheet lending packages for easy access to affordable credit facilities by micro, small and medium enterprises (MSMEs) to boost their businesses and salary earners to cater for their needs.
The SME loan is for micro businesses and SMEs engaged in trading activities with daily sales. The loan sum accessible to this set of customers ranges from N50,000 to N250 million, subject to a satisfactory turnover that covers the expected facility amount.
The bank’s management stated that this product remained open to petty traders in organized markets who have existing businesses and require credit facilities ranging from N50,000 to N300,000 to augment their business capital who may not have account history with NMFB or any other bank to access the facility.
According to the bank, the new Salary Advance package is targeted at individuals in paid employment, whose salaries have been consistent for a minimum of three months, prior to making an application to the bank.
In addition, the package is also accessible to staff of corporate organizations whose salary accounts are domiciled with NMFB can, easily, access this facility.
The micro lending bank indicated that the interest rate for these products remain competitive with a streamlined documentation process for access to any of them.
The management further clarified that “these products are different from the government intervention products administered by the Bank. Consequently, applications for loan facilities within the on-balance sheet lending portfolio will be appraised in line with the risk acceptance criteria of the bank.”
This is even as it stated that a loan product for the agriculture sector, covering farmers and all businesses in the agricultural value chain, would be launched soon and that successful applicants of the proposed package would also enjoy the benefits of the Federal Government Agricultural Credit Guarantee Scheme Fund (ACGSF), as well as the Interest Drawback Programme for farmers and businesses in the agricultural value chain.
The management advised individuals and business owners interested in the new products to visit any of the bank’s branches close to them for more information.
